Bitcoin Drops to Nearly $19K as Fed Renews Inflation Warnings

Contagion risks from within the crypto industry, such as the blow-up of prominent crypto fund Three Arrows, have further caused downward pressure on the asset. The asset was otherwise conceived as a potential hedge against inflation, but has been under pressure since it was conceived as an asset that was otherwise intended as a hedge against the rising rate of inflation. The collapse of Three Arrows and the collapse of crypto-loaners has further put the asset's value in value down to less than 10 per cent of the value it was intended to be a hedge fund worth $1.2 billion. The value of the crypto-currencies has fallen by more than a quarter of its value in recent months, according to a recent report by the FTSE. Source